1. When purchaser pays $20,000.00 toward the $100,000.00 purchase price and takes on the liability of paying the monthly payments on the sellers existing $80,000.00 mortgage, this is:

1. lease-option agreement
2. a purchase money mortgage
3. an assumption of present mortgage
4. taking title subject to the present mortgage

2. An acceleration clause in a mortgage:

1. applies to the speed of obtaining financing from the lender
2. allows the borrower to pay off the loan sooner than provided in the mortgage
3. provides that the whole amount of the note and mortgage become due and immediately payable upon default
4. applies only to default in tax and insurance payments

3. The owners fee policy of title insurance:

1. is less expensive than a title guarantee
2. does not cover any legal fees
3. covers problems that could not be detected by a close examination of the public records
4. is not as good evidence of title as a title guarantee

4. The REALTOR status is gained by:

1. joining the national, Ohio, and local REALTORS Associations
2. obtaining a real estate license
3. earning a college degree in real estate
4. practicing real estate marketing without getting sued, for five years
5. none of the above

5. The superintendent of the Ohio Real Estate Commission is:

1. always a real estate broker
2. an ancillary trustee
3. appointed by the Director of Commerce
4. head of the Department of Commerce

6. A real estate license can be suspended or revoked for:

1. voluntary admission to a mental institution
2. outpatient psychiatric care
3. commission of a felony
4. commission of a minor misdemeanor

7. A real estate license can be suspended or revoked for:

1. misrepresentation and fraud
2. putting earnest money in the trust account
3. putting a For Sale sign on listed vacant land
4. salespersons introducing themselves to owners during showings

8. If you want to take advantage of the Ohio Real Estate Recovery Fund , you will need to:

1. expect to receive no more than $40,000.00 per licensee for real estate fraud by an agent or agents
2. file an action in Common Pleas Court against an agent
3. act within one year after a law suit is terminated against a realtor
4. all of the above
5. none of the above

9. Prorations in closings are usually connected with:

1. transfer taxes
2. title ecam fees
3. real estate taxes
4. cost of title insurance

10. One standard date commonly used for computing prorations is:

1. Title transfer date
2. Date of escrow
3. Date of purchase contract execution
4. Due date for real estate taxes

11. An example of a patent defect is:

a. covering up water damage by painting over the wall prior to inspection

b. knowing there is a leaking nuclear waste barrel buried in the backyard and failing to disclose

c. visible termite damage on the steps leading to the second floor

d. internal wood damage that could not be discovered by the inspector that was caused when you poured water into the walls

12. Which of the following is a correct statement of when you must prove procuring cause in order to obtain your commission:

a. Under an exclusive right to sell agreement, you must always show procuring cause.

b. Under an open listing agreement, you never have to show procuring cause.

c. Under an open listing agreement, you always have to show procuring cause.

d. Under an exclusive right to sell agreement, you typically have to show procuring cause.

13. XYZ Realty has a listing on As realty. It also finds A some realty owned by B, which is listed by EZ Realty. A purchases Bs property listed by EZ Realty. XYZ represents:

1. A, on both parcels of real estate
2. B, on the property listed with EZ
3. both A and B
4. no one

14. Escrow agents in Ohio are usually which of the following:

1. real estate salespersons
2. disinterested third parties
3. purchasers or sellers attorneys
4. real estate brokers